Credlix, the digital supply chain financing platform from Moglix, has entered the EXIM financing space, with its acquisition of NuPhi. The acquisition comes shortly after Moglix’s entry into the Middle East region. As Moglix continues to expand globally, it is focusing on strengthening its supply chain financing solutions to enable manufacturers easy access to cash flow for their growth. Moglix has been working with suppliers and manufacturers across more than 120 countries. As part of its COVID19 response, Moglix supported PPE and medical equipment deliveries to organizations to mitigate global supply chain disruptions in 53 countries.
NuPhi is a Singapore based fintech start-up offering invoice factoring solutions to MSME exporters in India and SouthEast Asia. Founded in 2019, by Pramit Joshi and Mayur Totla, NuPhi offers cross border financing and SaaS applications to digitalize and automate EXIM workflows.
Elaborating on the decision to enter EXIM financing through the acquisition of NuPhi, CEO & Founder, Moglix, Rahul Garg said “In NuPhi we have found a great team that is passionate about solving for credit access to MSMEs that is a key bottleneck in the global manufacturing supply chain.”
Credlix, launched in February 2021, has already exceeded the annual run rate of credit disbursal of $100 million. The company has so far financed 26,000+ invoices for 2,500+ MSMEs across 120 cities. The clientele of Credlix includes manufacturing leaders from diverse industry verticals such as metals, fashion, retail, and hospitality among others.